That was a pretty short reign.


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Tuesday October 30 12:40 AM ET

Ford CEO Ousted Amid Downward Spiral

By Tom Brown

DETROIT (Reuters) - Ford Motor Co. has ousted President and Chief Executive Officer Jacques Nasser and will replace him with wealthy family scion William Clay Ford Jr., a source said Monday.

Nasser's ousting follows reports of serious rifts with Ford, chairman of the world's second largest automaker, and comes shortly after the company reported its first consecutive quarterly loss in nearly a decade.

The source, confirming a report in the online edition of leading auto industry trade journal Automotive News, said the shakeup at Ford also involved Nick Scheele, vice president for North America, becoming chief operating officer of the company.

Jim Padilla, group vice president for manufacturing and quality, would take over Scheele's job as head of North America, the source said.

He declined further comment, but Automotive News said Dearborn, Michigan-based Ford would announce the revamping of its senior management Tuesday.

At 44 years of age, Bill Ford would be the first member of the Ford family to assume control of the nearly 100-year-old company since his uncle, Henry Ford II, stepped down as chief executive of the automaker in 1979.

As recently as last week, chairman Ford declined to comment on the reports of rifts with Nasser and claims the aggressive and driven CEO would be ousted by the end of the year.

But Forbes magazine had reported earlier this month that Nasser, a Lebanese-born Australian, had lost the confidence of the Ford family, which controls 40 percent of the board of directors' voting power through its ample stock holdings.

Bill Ford declined just last week to endorse Nasser in remarks to reporters.

His silence came exactly one week after the company, which earlier this month reported its first consecutive quarterly loss and first dividend cut in nearly a decade.

Ford was hard hit by the financial fall-out from the suicide attacks in New York and Washington. But even before September 11, its operating results were suffering from the impact of the Firestone tire crisis, a rash of embarrassing product quality glitches, and increased competition.

Nasser took over as head of Ford in January 1999.

http://dailynews.yahoo.com/h/nm/20011030/b...ford_dc_13.html

 

Rumors circulated about this ouster a few months back, but Nasser was given a vote of confidence by the board, which evidently is the same as when a baseball manager is so endorsed (he's outta there!). Probably no big changes will occur under Ford, Jr.

For all the gory details: http://www.auto.com/industry/jac30_20011030.htm

 

My personal reason for dumping Ford management would be for failing, even at this late date, to produce a replacement for the Mustang that has a modern chassis, low and sportier seating, and controls located at your fingertips.

 

And if you are a Formula One fan it could be the beginning of the end for the Jaguar team.

http://www.dailyf1.com/en/news/2001/october/30e.shtml

 

sux to be him no?

oh well...i would never buy a ford anyways

 

His severence benefit probably exceeds what most of us will earn in the next 20 years ...